By Takashi Mochizuki Stock Market Quotes, Business News, Financial News from http://commodity-market-news.com
OSAKA–Panasonic Corp., a Tesla Motors Inc. battery supplier, said on Friday it would double revenues from the business in three years partly due to expected demand growth from the California-based electric-car provider.
The Osaka-based company, which is better known for its own TVs and other appliances by consumers, said it would target 400 billion yen ($3.97 billion) revenue from automotive batteries, including ones for Tesla. That would be more than double the Y180 billion that the company earned in the last fiscal year ended March 31.
Panasonic is a strategic partner with Tesla in developing the massive battery factory in Nevada, and the provider of batteries for Tesla’s Model S, Model X and Model 3 cars.
-Write to Takashi Mochizuki at takashi.mochizuki[a]wsj.com
Copyright (c) 2016 Dow Jones & Company, Inc.